Ecoark Holdings Plans Trend Subsidiary Spin-Off

Ecoark Holdings Inc ZEST plans to spin off its subsidiary, Trend Discovery Holdings LLC (Trend), into a new independent publicly-traded company.
Ecoark plans to distribute approximately 80% of the common stock of Trend to its shareholders.
Ecoark plans to debut the new stand-alone company on a National Securities Exchange.
Through its holding company model, the company plans to retain the remaining 20% ownership in Trend on its balance sheet.
Ecoark CFO Brad Hoagland will assume the role of Chief Investment Officer of Trend while retaining the CFO role until a long-term successor has been named.
The transaction is expected to close in the calendar Q4 of 2021.
Trend's current asset portfolio includes Trend Discovery Capital Management LLC, an investment management business, and Barrier Crest LLC, a fund administration and consulting business.
Ecoark held $0.84 million in cash and equivalents as of June 30, 2021.
Price Action: ZEST shares traded higher by 4.63% at $4.29 on the last check Thursday.